Transsion said it would use the money raised from the IPO to expand its production lines and further invest in its research and development centres.

China’s Transsion, the largest smartphone seller in Africa, filed with the science and technology innovation board at the Shanghai Stock Exchange for its initial public offering (IPO) to raise at least RMB3.01 billion, or USD80 million.

The company has tapped CITIC Securities as its underwriter.

Transsion said it’d use the funding to expand its production lines and further invest in its research and development centers.

Transsion, which dominates the African mobile phone market with a 48.7% market share, is a little-known company in its home-turf. According to the prospectus, its mobile phones were sold in more than 70 countries and regions.